RBC Capital Markets initiated coverage of Kraft Heinz with an outperform rating and a $32 price target, implying 29% upside from Wednesday’s close. The bank says the company’s $700 million turnaround investment in pricing, innovation and marketing is beginning to support its brands and financial performance. Early results include market-share gains rising from 21% to 35% and a 3% increase in North American Heinz condiment consumption. Analyst Nik Modi said Kraft Heinz’s business mix could shift in the company’s favor in 2027 as growth offsets declining businesses. RBC expects further improvement through the remainder of 2026 and forecasts 0.9% organic growth in 2027, compared with the Street consensus of 0.4%. Modi highlighted PowerMac and Capri Sun Hydrate as innovations aimed at consumer needs and said the company’s 2027 innovation pipeline was described as robust and strategically focused in every trade discussion conducted by the bank. Kraft Heinz shares have fallen nearly 4% over the past year, while the S&P 500 has gained 14%. The bullish view differs from the broader Wall Street consensus, with LSEG data showing 15 of the 20 analysts covering Kraft Heinz rate the stock hold.